The Wall Street Journal reported that Bruce Ratner expects the entire renovation will cost an estimated $229 million, but will require no public funding. The rent from the arena, along with ticket sales and other deals, will generate roughly $195 million over the period of its 34-year lease. Madison Square Garden, however, projected that they would raise $112 million within the same timeframe.

The proposal calls for slashing 5,000 seats from the arena and for a new undulating facade designed to emulate the landscape of Long Island, with visual references to the dunes, beach fencing and boardwalks. Ratner also plans to add a new plaza, theaters, restaurants, and bowling alley, and outdoor concert venue to the 77-acre site.